Get the most out of your dependent medical expenses…… money back!
Track your out of pocket expenses! Once out-of-pocket expenditures exceed 10% of adjusted gross income, you will qualify for deductions! Are you keeping a running account of all the monies you have been spending on you and your dependents? This accounting exercise is well worth adopting Below, find is a list of some deductibles, but also refer to the IRS’s Publication 502 for greater detail.
- Copays & deductibles
- Accepted therapies that may not be covered by your insurer
- Ambulance charges
- Physical therapy
- Memory care
- Bandages / care supplies
- Hearing aids
- Activities for older people (dual eligibles)
- Some required home and vehicle modifications for safety
- Professional health assistance for respite care
- Transportation for medical appts or services
- Adult day care or in-home health assistance (if you are working)
How can one capture this information? It can be as simple as putting pen to paper with an envelope of receipts attached or setting up a digital spreadsheet. it’s critically important to keep all your receipts and charge details accounted for at the end of the year. Receipts must include the following information:
- Patient Name
- Date of Service
- Diagnosis / Reason for Service
- Amount Paid Out of Pocket
- This is important. Make sure the receipt reflects that the account has been paid or have the corresponding cancelled check or credit card receipt. to back the expenditure up.